- Bitcoin is trading in negative territory by some 2.2% in the latter stages of the day.
- BTC/USD near-term price action has formed a bearish pennant pattern.
The Bitcoin price late on Wednesday is nursing losses of some 2.2% in the latter stages of trading.
BTC/USD has been subject to further selling pressure, as the bears’ control to retain control of the direction.
Technically, near-term price action is pointing to another push to the downside. BTC/USD via the 15-minute chart view is moving within a bearish pennant pattern structure, subject to a breakout south. The critical daily support that should be noted is tracking at $7800, failure to hold could invite a stronger wave of selling pressure.